Countdown to Freedom

Tilly_MFW_in_6_YRS

Morning, progress on the mortgage front as we now stand at £285k and still no mortgage payment made yet, it goes out tomorrow. That will bring it down to £282.5k. We have to save up the equivalent of a years worth of Mortgage protection money, so once that is achieved, mortgage payments will be set to £5.5k - that makes me feel slight sick, but also makes me realise what a bunch of muppets we have been spending on rubbish - don't get me started, we are where we are, so now we have to fix the future.

On the planning to OP front, we have not taken bonuses into consideration nor salary rises. Given the economic situation those have been hit and miss over the last few years, although 2011 and this year so far, have helped redress the balance. Anything extra we bring in will go straight to the mortgage.

I have struggled with the concept of 'save elsewhere if interest is high', but as the mortgage is so high, the only thing we want to do is reduce the capital. We are in for the long haul here as its a mahoosive mortgage but I can see a chink of light at the end of the tunnel. Since November 2011 we have taken the mortgage from (will have to check first post on my diary but I think £312k down to £282.5k £30k ish - in the whole period of the fixed rate we only reduced by about double that!!!!! If we can achieve that in 4 months, what can we achieve in a year:). Certainly can't extrapolate 4 months across the year as we have used savings etc, but we are on track to be MF by 4/8/16 still - absolutely no earlier so if I start talking even sillier dates, feel free to give me a good kicking

Have a great day and enjoy the sun.

Tilly x

Needhelpsaving

Hi Tilly,

Well done on the weight loss and mortgage OP's - you are quite literally killing that mortgage!!!!

Tilly_MFW_in_6_YRS

Hi NeedHelpSaving,thanks for dropping by. We have 7 years of money wasting to catch up on, so really do have to hammer down the mortgage.

We are doing a few bits of DIY at home which also costs - where do we buy money trees from? May be we could have a flower named after the MSW MFW forum?

Have a good week, Tilly x

gallygirl

Tilly_MFW_in_6_YRS wrote: »

we are on track to be MF by 4/8/16 still - absolutely no earlier so if I start talking even sillier dates, feel free to give me a good kicking

I know what you mean. I should have paid btl mortgage off by December, with a pretty ambitious schedule, therefore I'm aiming for November. However, as I've been aiming for November for a few months I'm now thinking of October :rotfl:. Which even I think is undoable as I need my 1k OP plus £900bonus in Nov to achieve.

So. October it is then

Tilly_MFW_in_6_YRS

GG, doesn't September have such a a lovely sound to it :rotfl::rotfl::rotfl:

gallygirl

Tilly_MFW_in_6_YRS wrote: »

GG, doesn't September have such a a lovely sound to it :rotfl::rotfl::rotfl:

Naff off :cool:

gallygirl

Tilly_MFW_in_6_YRS wrote: »

GG, doesn't September have such a a lovely sound to it :rotfl::rotfl::rotfl:

Not possible. 2.3k short. 1.3k short on October so that ain't going to happen either. November it is. I genuinely can't pay any more than I am, with my new monthly savings account for bills (which YOU encouraged me to do ) I only have £3 a month spare. That is NOT going to raise 1.3k . And November is based on the assumption that DD stumps up the 3k outstanding by then (she just won £352 on online bingo, thanks to an MSE tip, so that's a start :T)

Damn you for making me look :rotfl:

gallygirl

gallygirl wrote: »

Not possible. 2.3k short. 1.3k short on October so that ain't going to happen either. November it is. I genuinely can't pay any more than I am, with my new monthly savings account for bills (which YOU encouraged me to do ) I only have £3 a month spare. That is NOT going to raise 1.3k . And November is based on the assumption that DD stumps up the 3k outstanding by then (she just won £352 on online bingo, thanks to an MSE tip, so that's a start :T)

Damn you for making me look :rotfl:

Forgot about the monthly mortgage payment and how that reduces the balance. Just over -1k by then (will actually be a bit more as all OP's will reduce interest so will increase capital repaid). £213 to find. £60 from Halifax. £153. Night out allowances from work, £5 a night, let's say £30. £123.

I accept defeat - but only for October

Tilly_MFW_in_6_YRS

Morning GG, there I was joking before I went to sleep and wake up to you knocking another month off :beer:

Tilly x

Tilly_MFW_in_6_YRS

Morning, previous post had my mortgage starting with a 3 but that was a typo and now corrected. Mortgage down to an overall debt of £282.5k, just £7.5k off my first goal :j

If we weren't having a couple of DIY jobs then we would have achieved that by end May. Not to worry, it will be here before we know it.

Wednesday already and looking forward to this evening. DH and I are off to visit friends as kids are out. Won't be a late night but will be good to catch up.

Just off for a run and then into the office. Have a good day Tilly x